Death of enterprise
The Indian economy’s crisis is not of GDP growth, but a drying up of animal spirits
That period after 1991 saw the emergence of new capitalists, and also the rise of the old not-so-big, on an unprecedented scale.“Nobody ever is an entrepreneur all the time, and nobody can ever be only an entrepreneur,” wrote Joseph A Schumpeter in his 1939 classic Business Cycles. Equally famous is the passage from John Maynard Keynes’ A Treatise on Money (1930): “If Enterprise is afoot, wealth accumulates. and if Enterprise is asleep, wealth decays”.
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